Springfield-based MassMutual’s Retirement Services Division has been selected by McLaren Health Care Corp. as the new provider for its 403(b), 401(k), 457(b) and 457(f) retirement plans.
Total combined assets added to MassMutual’s platform from McLaren’s retirement plans exceed $212 million, the company said.
McLaren Health Care Corp., based in Flint, Mich., is one of the top 25 integrated health care systems nationwide and includes eight regional hospitals, more than 150 outpatient and ambulatory services locations and more than 13,000 employees.
"MassMutual’s total retirement services capabilities and innovative employee education tools were key factors in their selection as our new retirement plan provider," said Susan Joiner, corporate manager, retirement services for McLaren Health Care Corp. "We needed a provider that understands the unique needs of a large healthcare organization — one that could help streamline and consolidate multiple plans and deliver an exceptional employee education experience."
"McLaren Health Care is committed to quality patient care and that commitment extends to its employees. They sought a financially-strong retirement plan provider that could seamlessly consolidate multiple plans and help serve the retirement needs of employees across many locations," said Kelley Snook, director of consulting for Snook Housey Advisors Inc. in Troy, Mich.
Snook Housey Advisors is the consulting firm enlisted to conduct the search on behalf of McLaren Health Care.
"We believe McLaren found MassMutual’s willingness to truly understand their organization and help formulate a unique strategy for their specific needs was the differentiator in a highly-competitive market segment," said Dave Anderson, vice president of retirement plan consulting for Snook Housey Advisors.
"We are so pleased to welcome McLaren Health Care as a valued new retirement services client," said M. Palmer Whitney, national managing director for MassMutual’s nonprofit market. "We look forward to helping McLaren simplify their overall retirement plan administration while helping their employees more effectively plan and save for retirement."
